Russia’s central bank announced an effective free float of the rouble yesterday, a step that triggered a fresh plunge in the currency but is intended to eventually stabilise it.
Hammered by falling oil prices and western sanctions, the rouble has lost more than a quarter of its value against the dollar since the start of the year. Central bank interventions to slow its fall – totalling $29bn in October alone – have been draining Russia’s foreign exchange reserves.
The rouble’s slide has accelerated, partly because the bank’s policy of automatic interventions was an easy target for speculators making one-way bets.
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